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Choosing the Right Deductible for Your Main Homeowners Insurance

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Your local Maine insurance agency can be a valuable resource of for obtaining the right Maine homeowners insurance policy. Even something as seemingly simple as choosing a deductible will require an appropriate level of forethought. A discussion with your local agent can help you make the decision which best meets your situation.

Choosing an appropriate deductible is not just a matter of doing the math. For example, let’s say the savings for increasing your deductible from $500 to $1000 is $100 a year. This means you will save $500 dollars in five years with a $1000 deductible. However, statistics on the regularity of a homeowners claim are not direct predictors of when you will have to make a homeowners claim. You should also consider your own experience and preference when making decisions.

There are many homeowners who will go for decades and never file a claim; then there are homeowners who file claims fairly regularly. There are homeowners who prefer to view their insurance in the way one would view a maintenance contract; then there are homeowners who will do their own small repairs and view their Maine homeowners insurance policy primarily as a safety net against large losses. To the former person, a smaller deductible may be preferable. To the latter, a higher deductible could result in significant savings over time. By understanding these basic principles and your preferences, you will be able to better determine which deductible is best for your situation.

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